Realty Capital, Staubach Capital begin construction on Lakeside International Office Center in Flower Mound
JLL selected as strategic leasing partner; announces first tenant
DALLAS, July 17, 2019 – Irving-based Developer Realty Capital, in partnership with Dallas-based Staubach Capital, has begun construction on Lakeside International Office Center in Flower Mound. The project will include two Class A office buildings: 777 International Parkway, a four-story, 120,000-square-foot office property, and 737 International Parkway, a two-story, 18,000-square-foot office property.
Both buildings will be located just south of the intersection of International Parkway (FM 2499) and Lakeside Parkway and offer large, efficient floorplates and floor-to-ceiling glass. The project is located within a three-minute drive to the north entrance of D/FW Airport.
JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing and First United Bank is providing the debt financing for the project.
“Flower Mound has established itself as an attractive area for new residents and businesses with a growing number of shops, restaurants, entertainment and residential options in the Lakeside mixed-use community,” said Jeff Staubach, Founding Partner of Staubach Capital. “Lakeside International Office Center will be the first of its kind in this part of the metroplex, providing a premium office experience with top-of-class amenities.”
JLL also announced today that IntelliCentrics will be the property’s inaugural tenant. The company agreed to a 30,000-square-foot office lease in 777 International Parkway, which will encompass the entire fourth floor of the building.
JLL’s Doug Carignan represented the tenant in the lease negotiation.
“I am extremely excited for IntelliCentrics’ world-wide headquarters to locate in the Lakeside development in Flower Mound, and as a 22-year resident of Flower Mound I feel the vision is perfect for sustained growth benefiting both residents and commercial tenants,” said Mike Sheehan, CEO of IntelliCentrics.
The building was made possible due to the Town of Flower Mound’s commitment to fulfilling their master-plan, which envisions office development along International Parkway at the southern entrance to the town. Their willingness to offer an aggressive incentive package helped Realty Capital obtain the debt financing needed to construct the buildings prior to any tenant commitments being secured.
“The Town of Flower Mound deserves a ton of credit for getting behind this project and making it happen with the 380 Agreement,” said Jimmy Archie, Managing Director for Realty Capital. “Without the incentive agreement, we wouldn’t have been able to obtain the financing to build the project on a speculative nature. Once we were able to obtain the financing and announce the project to the market, our first tenant showed up to lease a portion of the project prior to us breaking ground.”
“Since the adoption of the Master Plan in 2001, the Town of Flower Mound has envisioned corporate office buildings along International Parkway to serve both as an employment center and a boost to the Town’s commercial tax base,” said Flower Mound Mayor Steve Dixon. “The incentive agreement sends a strong message to the corporate office market that Flower Mound is committed to being a prime location and welcomes them to our community.”
Property amenities will include a tenant lounge, coffee bar, building signage fronting International Parkway, structured parking, nearby quality dining and shopping options, and trail system connecting to The Shops at Lakeside.
The architect for the project is Boka Powell and the general contractor is Muckleroy and Falls. The project is expected to deliver Q3 2020.
For more information about Lakeside Corporate Office Center, please visit www.lakesideioc.com or contact Cannon Camp at Cannon.Camp@am.jll.com or +1 817 334 8113, or Chris Doggett at Chris.Doggett@am.jll.com or + 1 214 438 6390.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Realty Capital
Since 1987, Realty Capital has been developing, constructing, managing, leasing and selling commercial and residential developments. Current land holdings total approximately 2,000 acres of prime commercial and residential tracts in various stages of development throughout the Dallas/Fort Worth area. Over 40 development projects are overseen by the Realty Capital team of developers and property managers including single-family, retail, professional office, medical and large scale, master-planned communities.
About Staubach Capital
Founded in 2018, Staubach Capital is a real estate investment and development company focused on opportunistic and value-add investments across the commercial real estate spectrum. The Staubach Capital team has decades of experience investing and developing in core markets, through multiple cycles, and across diverse asset classes. Staubach Capital is disciplined but aggressive; committed to downside protection and maximizing value for capital preservation and appreciation. For more information, please visit www.StaubachCapital.com.
With a vision to be the world’s trusted solution for trust, IntelliCentrics is a leading platform in vendor credentialing, and in 2018 entered the medical credentialing market. Subscribers submit their data and information to our technology platform where it is processed and verified so it can be trusted. Information is stored and updated on the subscriber’s SEC3URE Passport allowing locations to determine whether subscribers are compliant with the highly regulated healthcare industry standards, where compliance is mandatory not discretionary. More than 10,000 locations of care worldwide rely on the service, and our